Though i was ignorant enough last year to think they would do a QE3. I have done my research over the course of the last few months.
Money printing will come from the fed only if the SP is below 1100 - Dow near 10000 and most important (as per previous times) USD/EUR - has to be in the 1.15 region today its 1.25.
So another 20% drop is on the cards before ANY QE. Gold likely would take a belting.
As per last QE from ECB - done nothing for the Gold.
So for me its the Fed that needs to trigger this rally.
Risk - I agree with P/E 6 but once Gold takes off, the MC will be higher. Im gunning for fifty cents over the next 18mnths.
perma bears, page-3
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